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Office Depot Announces Second Quarter Results
Jul 24, 2003
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Office Depot, Inc. today announced second quarter results for the fiscal period ending June 28, 2003*. Total company sales for the second quarter were U.S. $2.8 billion, representing a 7-percent increase compared to the second quarter of 2002. For the first six months of 2003, sales grew by 4 percent compared to the first half of 2002. Excluding the company's newly acquired Guilbert operations, total sales grew by 3 percent and 2 percent for the second quarter and first six months, respectively. Worldwide comparable sales in the 894 stores and 39 delivery centers that have been open for more than one year declined by 1 percent during the second quarter of 2003, and by 2 percent for the first half of 2003. Sales of technology products and furniture declined in both periods.

According to the company, operating profit for the second quarter decreased by 11 percent to $82 million compared to the same period in 2002, primarily as a result of unfavorable gross margin comparisons in North American retail stores. Net earnings per diluted share were $0.19, compared with $0.18 for the same period last year. Operating profit for the first six months declined 5 percent to $243 million, compared to the same period in 2002. For the first half of 2003, earnings per diluted share from continuing operations and before the accounting change were $0.52, compared to $0.50 for the same period last year.

At the beginning of the fiscal year, Office Depot adopted EITF 02-16, "Accounting by a Reseller for Cash Consideration Received from a Vendor." These new rules had no net effect on earnings during the second quarter, but had a $0.03 per share positive benefit to operating profit in the first half of 2003, said the company. Including the $0.08 per share negative impact to initially record the cumulative effect of adopting EITF 02-16, net diluted earnings per share for the first half on a GAAP basis were $0.45.

*All numbers are presented on a GAAP basis unless otherwise specifically indicated.

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